Topic: [HAVELOCK] PETAMINE - 1,150 TH/S HASH RATE (1GH/S per Unit) - page 21. (Read 565829 times)

Today div' : 0.00000749 BTC  

Guys...sell that s**t before they start to ask you money at every div'  

Oh...and unit is at 0.00139500 BTC and only 500 units before falling at 0.00127000 BTC...


CryptX are burn in BTC world...remember who are they and don't ever let them do business in BTC world.

People should have listened to Puppet, where are the pumpers like dhenson now?

If in fact what is mentioned above regarding announcement to try and spike price only to unload shares then basically they are running one of the more effective long-scam's I've ever been involved with unfortunately.  Borderline criminal if above mentioned allegation true imho though.

At least there are there dividends for whatever its worth,stupid how much it fluctuates tho 

Given his track record as a sellar, I don't think anyone would be stupid enough to still buy from him. I would force their hand to divide the hardware amongst unit holders, unit holders get a worthless souvenir, but at least cryptx can't do anything with it and you have proof they indeed had the hardware...

But sure as hell don't go dreaming that you will ever see your money back.

Not that I've heard of sadly.  The truth is, I suspect CryptX will just allow this asset to continue on the path it's heading.  It's pretty obvious he isn't really putting any effort into it now that he's sitting on a huge amount of hash that he's essentially running entirely on our dime.  I mean, he apparently couldn't even be bothered to implement the p2pool change...yeah, sure it required a little bit of work but honestly the ghash.io rate dropping I think was just a cop-out excuse on his part.  I think he probably switched one or two units over, decided it was too much of a pain in the ass and figured f!@# it!  People decide to dump I win, people decide to all-in it I win again.

Truly a no-lose proposition for the fellas running this nightmare.

just curious, if and when this goes to negative profit are the miners just going to be shut down and sold as divs?

are there any plans past what was stated today

at 0.00157 or about .85 cents right now this would be a killer buy, if only the hosting costs were like .10 instead of .15

In case you missed it:

"Dear Unit Holders,

It has been a few weeks now since we converted the PetaMine to 1 GH per unit and 100% daily dividend payouts.
We want to use this update to provide more transparency.

Daily dividend payouts are based on mining revenue of the last 24h (including altcoins like NMC/DVC/IXC). The differences in daily dividends have its origin in the variance in finding blocks for those last 24h.

The daily dividend consists of the mining revenue of the last 24h minus the hosting fee. The hosting fee totals 0.0049315$ per GH per day or 0.15$/GH per month to cover electricity, maintenance and repairs, hosting facility. Hosting costs are converted to BTC using the days BTC/USD ratio.

End June we decided, after passing a vote, to switch to p2pool because of the risk of ghash.io reaching 51% of the network. In the meantime this risk has disappeared with ghash.io having a marketshare of 27%. Besides that, the Bitfury systems are not compatible with p2pool and the variance on the daily payouts would be enormous.

Some people requested if additional hardware will be deployed. In the short term, we do not foresee to add additional hardware, as this would require the availability of new reinvestment funds or launching a new IPO. The results of the last vote was clear that people rather choose their own reinvestment level by purchasing additional 1GH/s units available at market value.

As always we will keep monitoring the Bitcoin ecosystem/mining environment closely.


Team CryptX"

What I essentially read from it: "We gave you everything you asked for so quit bi!@#in.  No new hash.  p2pool too much of a pain in the ass and wouldn't be worth it given ghash.io hashrate decrease.  Thanks again for investing your hard earned satoshi's with us, believe you me, we are putting them to good use (wink wink nudge nudge)"

And guess who pays for the electricity and hosting, for the shares they have not unloaded ?
If electricity costs for 1,150 TH/S is, $.15 per share per month; if half is the loan, electricity should be $.075 per month per share.
Which means the public pays for electricity and hosting of shares owned by Peta.

That's what I was thinking.

ding ding ding, he gets it

Is it possible that PETA used the p2ppool announcement to get a spike in share price so they could then unload the shares they had given to themselves to 'pay off the loan'?

If their miners are being hosted by bitfury, what exactly does petamine do? Just collect hosting fees?

Is the p2pool patch provided by bitfury?

its probably to much work and not worth the time, they are just gonna slowly let it die looking just looking at their post today

The p2pool fail screams incompetence.


Yes and 90% of shareholders voted in favor.

Nothing has disappeared. Even 27% is way too much. ghash's current marketshare doesn't matter anyhow: the vote passed.

And there's a patch for that. They know this, but did not mention it. They are either too incompetent to patch their miners, or decided it's too much work and not worth their time.

Again, the vote has passed. This is completely irrelevant and was known fact.


They completely dropped the ball on the p2pool thing. This project would have been a good way for a lot of people to support the bitcoin infrastruture and there was quite some momentum shortly after announcing the possibility of a switch even before the vote. Big fail.

This is terrible news tbh, I bought almost purely because of the decision to move to P2P.

OK, didn't wanna do this, but

I TOLD YOU SO

http://www.reddit.com/r/Bitcoin/comments/2dmuer/peta_not_switching_to_p2pool_as_the_51_risk_has/

They don't even listen to what their unit holders voted for....

Everybody still having units, can throw them in the biggest garbage bin they can find.

PETA Announcement:

At the point where they pay the average mining bond equivalent of dividends at ASICminer's tube cost-per-GH/s price.   That price happens to be around the current B.MINE price - https://bitcointalksearch.org/topic/m.8329684, so my price floor on PETA is therefore going to be in the 60-87k satoshi range, assuming the difficulty levels out again after this bump and based on future difficulty movements this period and onward.

Here's a spreadsheet that linearizes the past 3 difficulty intervals (since they were relatively small) for PETA's output against the new ASICMINER tube and also against B.MINE: https://docs.google.com/spreadsheets/d/1ZoapItfWpxHxWObZ0RxTHrU8Ae8ox28GmfUr2wD-QMA/edit?usp=sharing

Note the analysis factors in electrical costs for the AM tube running at 900 W for BTC at $515 with electricity costing $0.12 per kW-hr.  The linear regression model depreciates the dividends more aggressively (56-60k satoshi range), while the difficulty bump (estimated for next period at 17.7% as of now by bitcoinwisdom) shows for more realistic average payouts based on known difficulty forecasts (my high forecast for 87k satoshi).  You could use bitcoincharts' estimate of 9.765% for a more risky price forecast (i.e. possibly overpriced) if you're still bullish on PETA.  Keep in mind that the yields assume the current BTC-USD price and electrical cost ceteris paribus across the model.

TL;DR if you're not pricing against the newest technology, you'll consistently see your assets are performing poorly, and you'll often end up losing on the price depreciation as competing capital seeks substitutes.

DC - I own no shares of PETA and have no plans to enter into the market within the next 2 difficulty cycles outside of the price range I have specified above.